When considering a payday loan, it is important for you to understand that a payday loan is intended to address short-term financial needs, not be a long term solution to overriding financial problems. The cost of borrowing for the loan may be significantly higher than credit offered by other lenders. We are not a financial institution but we connect you with lenders who are in compliance with all applicable federal laws.
In Canada, the payday loan industry is regulated by the Payday Loan Act, 2008. This legislation creates a licensing system for payday lenders and brokers. It requires lenders to include in the total cost of borrowing all amounts the borrower is required to pay as a condition of entering into a payday loan agreement. It prohibits certain practices, including "rollover" loans, meaning a person cannot have two payday loans at once. The legislation provides for enforcement through prosecutions. It establishes the Ontario Payday Lending Education Fund. It allows borrowers to cancel payday loan agreements two days following a submitted application. The legislation sets a maximum total cost of borrowing cap for payday loan agreements. Overall it increases public confidence in the payday lending industry.
APR will vary from province and lender but will not exceed 599.64%
Representative example: Borrow $300 for 14 days, interest charged 23% of principal. Total cost of borrowing is $69. Annual Percentage rate of 599.64%